| Schedule of Fixed Assets |
The Company’s fixed assets are depreciated using the following estimated useful lives:
|
|
|
|
|
|
|
Useful Life |
| Furniture, fixtures and equipment |
2 - 7 years |
| Computer software and hardware |
3 - 7 years |
| Leasehold improvements |
10 - 25 years |
Buildings and improvements |
10 - 35 years |
| Land |
Indefinite |
Fixed assets as of December 28, 2023 and December 29, 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
| in thousands |
December 28,
2023 |
|
December 29,
2022 |
| Leasehold improvements |
$ |
758,462 |
|
|
$ |
653,151 |
|
Buildings and improvements (1)
|
567,926 |
|
|
315,343 |
|
| Furniture, fixtures, and equipment |
451,142 |
|
|
350,556 |
|
| Computer software and hardware |
209,199 |
|
|
158,519 |
|
| Land |
97,361 |
|
|
86,927 |
|
Construction in process |
168,198 |
|
|
145,709 |
|
| Fixed assets, at cost |
2,252,288 |
|
|
1,710,205 |
|
| Less: accumulated depreciation and amortization |
622,371 |
|
|
452,149 |
|
| Fixed assets, net |
$ |
1,629,917 |
|
|
$ |
1,258,056 |
|
(1) Represents buildings and improvements on land that the Company owns as well as on land that the Company is leasing through ground leases.
|
| Schedule of Finite-Lived Intangible Assets |
The estimated lives of the Company’s finite-lived intangible assets are as follows:
|
|
|
|
|
|
|
Useful Life |
| Non-compete agreement |
5 years |
| Customer relationships |
12 years |
The gross carrying amount and accumulated amortization of other intangible assets as of December 28, 2023 and December 29, 2022 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 28, 2023 |
|
December 29, 2022 |
| in thousands |
Gross carrying amount (1) |
|
Accumulated amortization |
|
Net carrying value |
|
Gross carrying amount (1) |
|
Accumulated amortization |
|
Net carrying value |
| Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
$ |
43,216 |
|
|
$ |
(8,147) |
|
|
$ |
35,069 |
|
|
$ |
38,216 |
|
|
$ |
(4,728) |
|
|
$ |
33,488 |
|
Non-compete agreement |
300 |
|
|
(169) |
|
|
131 |
|
|
300 |
|
|
(104) |
|
|
196 |
|
| Total amortizable intangible assets |
43,516 |
|
|
(8,316) |
|
|
35,200 |
|
|
38,516 |
|
|
(4,832) |
|
|
33,684 |
|
| Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
| Trade names |
118,669 |
|
|
— |
|
|
118,669 |
|
|
118,669 |
|
|
— |
|
|
118,669 |
|
Total intangible assets |
$ |
162,185 |
|
|
$ |
(8,316) |
|
|
$ |
153,869 |
|
|
$ |
157,185 |
|
|
$ |
(4,832) |
|
|
$ |
152,353 |
|
(1) Refer to Note 15, “Acquisitions” for details related to intangible assets acquired during fiscal 2023 and fiscal 2022.
|